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Mumbai, The <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> on Monday released a 'draft framework for recognising <keyword id="20198317" type="General" weightage="20" keywordseo="self-regulatory-organisations" source="keywords">Self-Regulatory Organisations</keyword> (SRO) for <keyword id="19942953" type="General" weightage="20" keywordseo="fintech-sector" source="keywords">FinTech Sector</keyword>', laying down the characteristics of a <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">FinTech</keyword> SRO, and includes the required functions and governance standards. FinTechs are significantly reshaping the landscape of financial services by streamlining processes, improving accessibility, and reducing costs. Achieving a healthy balance between facilitating innovation by the industry on the one hand, and meeting regulatory priorities in a manner that protects consumers and contains risk, on the other, is crucial to optimising the contribution of the FinTech sector, the RBI said. "Self-regulation within the FinTech sector is a preferred approach for achieving the desired balance," the central bank stated. According to the RBI draft framework, the SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the FinTech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them. The SRO-FT must be looked up to and accepted by the industry as the key body for setting market standards, defining rules of conduct and ensuring voluntary adoption of the common framework by its members, the RBI said. The framework also states that the SRO-FT should be development-oriented, actively contributing to the growth and evolution of the industry. This involves providing specialised knowledge and expertise, offering guidance, and contributing to capacity building through training programs, and prescribing minimum eligibility criteria for its members. Also, members should perceive the SRO-FT as a legitimate arbiter of disputes. This would require a transparent and fair resolution mechanism for disputes arising among members that instils confidence in the FinTech industry. By efficiently handling conflicts and grievances, the SRO-FT would contribute to a more stable and harmonious FinTech environment. A proactive <keyword id="20198316" type="General" weightage="20" keywordseo="sroft" source="keywords">SROFT</keyword> should be capable of motivating its members to align with regulatory priorities. This would involve facilitating communication between industry players and regulatory bodies, advocating for necessary changes, and promoting a culture of compliance. The SROFT, as its duty towards ensuring compliance, should be empowered to investigate and take disciplinary action against its members for non-adherence to codes/standards/rules. The RBI said comments from stakeholders and members of the public on the draft framework may be sent by end February 2024, through e-mail. The final framework will be issued taking into account stakeholder and public responses.

RBI releases draft framework for Fintech sector self-regulatory organisations

Mumbai, Fintech players should form <keyword id="18684976" type="General" weightage="50" keywordseo="a-self-regulatory-organisation" source="Orion">a self regulatory organisation</keyword> for an orderly growth of the industry that is projected to have revenues of USD 200 billion by 2030, <keyword id="7268643" type="General" weightage="20" keywordseo="rbi-governor-shaktikanta-das" source="Orion">RBI Governor Shaktikanta Das</keyword> said on Wednesday. Addressing the industry at the <keyword id="9621521" type="General" weightage="50" keywordseo="global-fintech-fest" source="Orion">Global Fintech Fest</keyword> here, Das said fintech players need to evolve industry best practices to avoid misselling, stress on ethical practices, pricing transparency and take care of privacy and data protection concerns. "I would like to use this opportunity to urge and encourage the fintechs to establish a Self Regulatory Organisation (SRO) themselves," he said and assured all help from the Reserve Bank of India (RBI) for the process. The fintech players should form the SRO at the earliest, Das said and hoped that such a platform will be ready at least by the next edition of the yearly event. Stating that other industries also have SROs, Das said forming an SRO will help the players to voice their concerns. He also said that having the SRO will reduce the burden of regulating a dynamic sector off the RBI's shoulders. Das said regulators play a critical role in addressing arbitrage, ensuring compliance with existing laws, and adopting regulations as per technological advancements. Further, he asked the fintech players -- most of them startups -- to avoid the "relentless drive for valuations" and profits, and asked them to focus on customer centricity. "... to focus on customers means embracing a customer-centric approach to innovation by understanding the needs of customers, making provisions that protect customer interests and earn their trust," he added. He said that good governance will be key to durable and long term success of any company and in particular, the fintech players. Technological innovation has "unprecedented potential" to make finance more inclusive, competitive and robust, Das said, adding that advancements in technology need to evolve in a "responsible" manner. "Fintech players should themselves ensure responsible digital innovations. The Reserve Bank on its part will continue to drive the necessary regulatory and other policy measures to promote a vibrant and responsive fintech ecosystem," he said. While stressing that the coming years hold immense promise which need to be leveraged by innovators, the RBI chief said that as per projections, the fintech sector revenues are set to touch USD 200 billion by 2030. "We are at the cusp of a major transformation in fintech sector". Das also spoke about the progress on the Central Bank Digital Currency and said that newer use cases will be soon added on the wholesale CBDC front. The CBDC retail pilot is currently being operated through 13 banks across 26 cities, Das said, adding that around 1.46 million users and 0.31 million merchants are currently part of the pilot as on August 31, 2023. RBI has also enabled full inter-operability of CBDC with UPI QR codes, and is targeting 10 lakh CBDC transactions per day by December 2023 which will give it sufficient data points for analysis, Das said. Meanwhile, Srinivas Jain, the Co-Chairman of the Fintech Convergence Council, said it will be working earnestly to have an SRO in place at the earliest. "We are not on the same pages on who all from the fintech space can be members as currently this space is dominated by payments tech players but there are many others also in the fray," he told PTI.

RBI Governor asks fintech players to form self regulatory organisation

<ul><li>According to <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword>, the <keyword id="19945816" type="General" weightage="20" keywordseo="fintech" source="keywords">Fintech</keyword> <keyword id="881153" type="General" weightage="20" keywordseo="self-regulatory-organisation" source="Orion">self regulatory organisation</keyword> (SRO-FT) would derive its strength from its membership, ensuring that it is truly representative of the <keyword id="6133582" type="General" weightage="20" keywordseo="fintech-sector" source="Orion">fintech sector</keyword>. </li><li>The <keyword id="19901291" type="General" weightage="20" keywordseo="sro" source="keywords">SRO</keyword> model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. </li><li>The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. </li></ul>The Reserve Bank(RBI) of India has released a preliminary framework outlining general functions, governance standards, and eligibility requirements for the establishment of a self-regulatory organisation for FinTech firms (SRO-FT). The recognition of SRO-FTs would be determined by the quantity and characteristics of the applications received. According to the RBI, “The SRO-FT would derive its strength from its membership, ensuring that it is truly representative of the fintech sector. Through comprehensive membership agreements that encompass a broad spectrum of industry players, the SRO-FT should gain the legitimacy and credibility to not only frame baseline standards and rules of conduct codes, but also to effectively monitor and enforce them.” Keeping up with technological progress “The RBI's move to establish an SRO framework is a game-changer in financial regulations, especially for digital lending and AI-driven innovation. This is a strong shift towards a collaborative, adaptive ecosystem. By integrating industry insights into regulation, we're ensuring that rules are practical and keep up with technological progress, fostering innovation and growth,” says <keyword id="20212226" type="General" weightage="20" keywordseo="adhil-shetty" source="keywords">Adhil Shetty</keyword>, CEO, BankBazaar, a financial marketplace. He adds that the SRO model enables a balance between regulation and innovation, which is especially critical in fast-evolving sectors such as fintech. This is not just about ensuring compliance; it's about creating a culture of integrity and ethical practices that are ingrained in the industry's DNA. The RBI's commitment to this collaborative approach is thus a significant step in developing a resilient financial ecosystem. Healthy and sustainable growth of the fintech sector “The creation of an SRO is seen as crucial in combating the influence of unscrupulous lenders, promoting ethical conduct, strengthening lending infrastructure, and formulating adaptable regulatory strategies,” says <keyword id="20212225" type="General" weightage="20" keywordseo="madhusudan-ekambaram" source="keywords">Madhusudan Ekambaram</keyword>, Co-founder and CEO, KreditBee, a personal loan app. The SRO-FT is anticipated to function impartially, with credibility and responsibility under the supervision of the regulator. Its primary goal is to contribute to the healthy and sustainable growth of the fintech sector, while also charting a smooth path to phased regulatory compliance when necessary. “This collaborative and participatory approach aligns with the RBI's overarching objective of fostering a resilient and sustainable financial ecosystem, emphasising ethical behaviour and transparency,” says Ekambaram. The SRO-FT is thus expected to play a pivotal role in shaping the course of digital lending in India by ensuring the adoption of responsible practices and maintaining integrity within the industry.

Fintech SRO aims to enhance credibility of sector, promote ethical conduct

Nobel Peace Laureate <keyword id="83501" type="PERSON" weightage="20" keywordseo="Muhammad-Yunus">Muhammad Yunus</keyword> on Saturday said building rural economy is important to stop migration amid the challenges caused due to coronavirus pandemic. "Micro credit is about building rural economy. Corona crisis has given the industry an opportunity to aid in creating a strong rural economy. Creating a strong independent rural economy will not only halt rural to urban migration but in the years to come, the migration will be urban to rural," Yunus said at a webinar by <keyword id="477100" type="ORGANIZATION" weightage="20" keywordseo="microfinance-industry">microfinance industry</keyword>. Microfinance institutions should create programmes like venture capital to create entrepreneurs in rural India, he said. There is a need for creating a national disaster fund for the sector and managed by the sector in India, Yunus said while speaking in the webinar organised by Sa-Dhan, a self regulatory organisation for the industry. Notably, India has been witnessing reverse migration of labourers and workers to their home states as lockdown imposed due to coronavirus pandemic affected them badly economically alongside huge number of job losses as well. SEE ALSO: <a href="https://www.businessinsider.in/india/news/with-233-fresh-cases-bihars-covid-19-tally-rises-to-4831/articleshow/76238545.cms">Bihar registers 233 new coronavirus cases with its overall tally rising to 4.831</a> <a href="https://www.businessinsider.in/india/news/noida-21-new-covid-19-cases-tally-591/articleshow/76238339.cms">Noida’s total coronavirus cases hit 591 with 21 new cases detected in the past 24 hours</a> <a href="https://www.businessinsider.in/india/news/342-new-coronavirus-cases-in-pune-district-six-deaths/articleshow/76239001.cms">Six more people die of coronavirus in Pune with 342 fresh cases</a>

Nobel Peace Laureate Muhammad Yunus says building the rural economy is the key to halt migration

As the government begins to take steps to fix <keyword id="1464841" type="General" weightage="100" keywordseo="edtech" source="Orion">edtech</keyword> platforms like <keyword id="2900267" type="General" weightage="80" keywordseo="byju" source="Orion">BYJU</keyword>'s, several parents have shared their plight on social media and professional networking platforms as representatives from online education providers continue to force them to buy courses. The Ministry of Consumer Affairs recently pulled up edtech firms during a meeting with them and self-regulatory organisation India Edtech Consortium (<keyword id="306435" type="General" weightage="80" keywordseo="iec" source="Orion">IEC</keyword>) amid aggressive misselling of courses to parents. "Hey BYJU'S and <keyword id="8080458" type="General" weightage="50" keywordseo="whitehat-jr" source="Orion">WhiteHat Jr</keyword>... Trust me I am pushing my daughter to start learning coding, and do IIT JEE preparations with you guys, but she is just not willing to do so. Kids these days don't listen to their parents. She just wants to be an artist. So, please stop calling me to sell these plans/devices," Prashant <keyword id="445" type="General" weightage="50" keywordseo="sharma" source="Orion">Sharma</keyword>, who is into business development and a consultant with a penchant for storytelling, posted on LinkedIn. His post led to a barrage of similar situation being faced by parents all over the country, who are fed by constant aggressive selling of courses by the edtech representatives. <keyword id="14487485" type="General" weightage="50" keywordseo="srikant-ganesh" source="Orion">Srikant Ganesh</keyword>, Vice President at Dentsu Creative India, posted that he can totally relate to Sharma's experience. "My 9 year old son's into chess, plays the keyboard and is into speed-cubing and has no inclination towards computers / coding as such. I believe BYJU's and WhiteHat's of the world realise that there's more to kids these days than just learning to code and yes! They have a mind of their own and no one can push them into something they are not inclined towards. This false sense of FOMO being created by such brands should stop and so should the calls," Ganesh lamented. After the Centre took serious note of mis-selling of courses to parents by edtech firms, self-regulatory organisation IEC said it is committed to protecting consumer interest and has resolved 100 per cent complaints received till June. However, fresh complaints surfaced on social media platforms this month, indicating that the problem has not been addressed in totality. "This happened to me. The sales representatives of #Byju's need to be trained to handle a 'No'. I have personally experienced this when a representative called my wife and she said that we don't want to enroll. He kept calling and then I had to intervene. He kept insisting that your child had been registered on their site, so how could we say No! He didn't seem to understand and finally I had to explain to him by activating my desi side. I registered my complaint on their site but it was removed the next day," posted Dheeraj Grover, Senior Manager, HR, at VVDN Technologies. Thangarathnavel M., Head of Business Development-South Asia at German company Covestro, said on LinkedIn that he could fully relate to it too. "I had enrolled my son 2 years back but it was not much of any use. Few months back I started receiving calls from them again to enrol my son for the physical classes. But even after saying no, the calls never stopped. Once I gave a piece of my mind to one of the callers and asked him to share the mobile number of Mr. BYJU. Now the calls have stopped coming. Hope they stop this forever," he described his plight. Earlier this month, the Centre warned edtech companies against unfair trade practices. In a meeting with the IEC, Consumer Affairs Secretary, Rohit <keyword id="255172" type="General" weightage="50" keywordseo="kumar-singh" source="Orion">Kumar Singh</keyword>, said that if self-regulation does not curb unfair trade practices, then stringent guidelines would be formulated for ensuring transparency. The meeting was attended by representatives of the IAMAI, along with IEC member companies including upGrad, BYJU'S, Unacademy, Vedantu, Great Learning, WhiteHat Jr, and Sunstone. During the meeting, issues pertaining to unfair trade practices and misleading advertisements for the Indian edtech sector figured prominently. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/article/opinion-green-financing-in-india-need-significance-urgency-and-way-forward/articleshow/92948265.cms">OPINION: Green financing in India — Need, significance, urgency, and way forward</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-airlines-in-the-world/slidelist/92950615.cms">Top 10 Airlines in the world in 2022: Stats and performance explained</a>

My child likes chess not coding, parents fume at edtech marketers on social media

New Delhi, Dec 6 () Online video streaming platform Netflix is looking to develop premium content in India and distribute it globally, its Chief Executive Officer Reed Hastings said on Friday.
 He said that a reason for investing in India is stable regulatory regime and allowing self-regulation for over-the-top players such as Netflix.
 "So many great storytellers are there in India. We are just investing in using those and exporting. Internet does many things but one of them allows Indian content to be shared around the world," Hastings said.
 He was speaking at a panel discussion organised by his company with Bollywood actress Huma Qureshi.
 He said the company is investing Rs 3,000 crore to develop content, and Indian content is being watched around the world.
 "We have had successes of Laila and Sacred Games all around. A cute little one is Mighty Little Bhim -- that's great Indian little character. Now, we have made a little series which is subscribed and being watched by 27 million households," Hastings said.
 He said Mighty Little Bhim is being watched across Brazil, Canada and other countries.
 "Such an opportunity here to be like the UK. The UK exports tremendous amount of content. What we are trying to invest here. It has been in movies but premium series like Laila and Sacred Games have been under development," Hasting said.
 The company for the first time started subscription service in India for low price of Rs 199 to get more audience for the platform.
 Netflix said the government has given freedom to OTT players for self-regulation.
 "You can never take freedom for granted. Part of the reason we are excited about doing this Rs 3,000 crore investment is because of stable regulatory environment," Hastings said. PRS HRS

Netflix looking to export content from India with Rs 3,000 cr investment

<ul><li><keyword id="6416838" type="General" weightage="20" keywordseo="coindcx" source="Orion">CoinDCX</keyword> and <keyword id="169284" type="General" weightage="20" keywordseo="asci" source="Orion">ASCI</keyword> aim to enhance confidence and credibility of India’s rapidly growing cryptocurrency and digital asset industry.</li><li>The move comes after crypto exchanges in India — which includes WazirX, CoinSwitch Kuber and CoinDCX —<a href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-other-indian-crypto-exchanges-will-reportedly-have-new-advertisement-guidelines-in-the-next-seven-to-ten-days/articleshow/84756896.cms" data-type="tilCustomLink"> have been putting the pedal to the metal</a> when it comes to advertising in the country.</li></ul>Earlier last month, a notice by the Delhi High Court had asked Indian exchanges to add ‘standardised’ disclaimers to their ads in response to a plea that complained that the currency disclaimers are too small to read. Now, <keyword id="120108" type="General" weightage="20" keywordseo="advertising-standards-council-of-india" source="Orion">Advertising Standards Council of India</keyword> (ASCI), a voluntary self-regulatory organisation of the advertising industry has partnered with CoinDCX to mull over regulations to build transparency in <keyword id="11943645" type="General" weightage="20" keywordseo="crypto-advertising" source="Orion">crypto advertising</keyword>. With this membership, CoinDCX will actively support the advancement of advertising standards within India’s cryptocurrency and digital asset industry — thereby promoting transparency in communications and building public confidence in the space. Sumit Gupta, Co-Founder and CEO of CoinDCX, said: “We are honoured to be a member of ASCI that safeguards consumers' interests. The involvement reaffirms our commitment towards ensuring safety and security for our users, and to raise the bar for advertising transparency in crypto space in India. This will boost confidence among the users, and they can use our platform without any apprehension. Being the safest crypto exchange, we have always gone the extra mile to ensure we are fully compliant with the laws and imbue credibility and trust in our service and products.” Commenting on CoinDCX’s membership, <keyword id="212022" type="General" weightage="20" keywordseo="subhash-kamath" source="Orion">Subhash Kamath</keyword>, Chairman of ASCI said: “As ASCI steps into a digital age the nature of advertisers and advertising is changing rapidly. We welcome members representing these new industries, who believe in self-regulation. Collaboration and consultation with all stakeholders are keys to navigating the consumer protection challenges posed in this digital age.” Founded in 2018, CoinDCX has already onboarded more than 3.5 million users. It will now carry forward the vision of making crypto accessible in India and accelerate its efforts towards bringing 50 million Indians into crypto. With the growing positive sentiments in the crypto space this year, CoinDCX will continue to scale its dedicated products on the investments and trading side.

ASCI joins hands with CoinDCX to build trust and credibility in crypto advertising

Even as the Indian government has banned 138 betting apps, offshore betting and casino companies are finding new avenues to advertise their illegal wares to millions of unsuspecting Indians. These platforms continue to extensively use sports teams, personalities and industry sponsorships in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. The Ministry of Electronics and Information Technology (MEITY) banned 138 betting/gambling websites and apps under section 69(A) of the IT Act, as they "were engaging in illegal money laundering &amp; were posing threat to the financial security of our nation," In 2022, The Ministry of Information and Broadcasting had issued two advisories against advertisements of betting on digital media platforms and TV Channels. It had also warned against offshore betting platforms using news as a surrogate product and promoting betting in the garb of news. Football and Kabaddi are two sports that continue to see a lot of betting companies. Stake, an online casino, is the principal partner of the ISL teams Mumbai FC and Hyderabad FC. Parimatch is the main sponsor of the football team <keyword id="2521778" type="General" weightage="80" keywordseo="goa-fc" source="Orion">Goa FC</keyword>. The betting site, Dafa is a sponsor of the Kabaddi team Telugu Titans, while <keyword id="2293995" type="General" weightage="80" keywordseo="fairplay" source="Orion">Fairplay</keyword> is a partner of <keyword id="2455640" type="General" weightage="80" keywordseo="jaipur-pink-panther" source="Orion">Jaipur Pink Panther</keyword>. Bollywood star <keyword id="37518" type="General" weightage="80" keywordseo="nargis-fakhri" source="Orion">Nargis Fakhri</keyword> is the brand ambassador of Betway. The India Affiliate Summit, organised by IAMAI, has among its partners and sponsors, some of the biggest betting and casino companies including Parimatch and Rajabet. The India Affiliate Summit billed as the "largest performance marketing event in India" will be held in October 2023. Parimatch and Khelraja were among the esteemed speakers of the 2022 summit. IAMAI had recently stated that it is most suited to form the proposed self-regulatory organisation (SRO) for online gaming. In an interview given to Mint, the CEO of now-banned betting company Parimatch said that offshore betting companies do deposits of $ 1 billion every month or around INR one lakh crores per year. This makes the illegal betting and casino sector bigger than the legitimate online gaming industry. According to the State of India Gaming Report by Lumikai, the Indian gaming industry saw a revenue of just USD 2.6 billion in FY 2022. The Union Ministry of Electronics and Information Technology (MeitY) has recently released a draft of rules for online gaming companies and invited feedback from various stakeholders. IAMAI said that the rules "are right on intention, but poor on scoping." Four of India's biggest gaming companies had in a letter to MeITY said that IAMAI did not consult them before making the statement public. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/international/news/turkey-syria-quake-toll-reaches-over-4300/articleshow/97675299.cms">Turkey-Syria quake toll reaches over 4,300</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-10-paise-to-82-66-against-us-dollar-in-early-trade/articleshow/97678260.cms">Rupee gains 10 paise to 82.66 against US dollar in early trade</a>

Betting, casino companies find new advertising avenues despite govt ban

New Delhi, Jan 9 () Microfinance industry body Sa-Dhan in its wish-list for Budget 2020-21 has urged the government to do away with levy of goods and services tax (GST) on the services provided by the sector.
 Highlighting the key demands, Sa-Dhan Executive Director P Satish said, "MFIs (microfinance institutions) offer different services to the microfinance clients and we request the Government of India that Goods and Services Tax (GST) should be done away (on the services) with since it is a service to the low income segment of the population".
 Sa-Dhan said the additional tax burden is currently placed on these low-income clients which is counterproductive to the government's policy on financial inclusion.
 "There is no GST on loans from banks, hence the same should not apply to loans taken from MFIs," Satish said in the wish-list of the MFIs.
 Among others, the industry expects the Budget to help in accelerating lending from the public sector banks to MFIs. "In gradual deceleration, in 2018-19, it came down to 12 per cent of overall borrowing from 22 per cent in 2017-18. We request the finance minister to bolster plans for adequate fund for PSB that will be utilised for the microfinance sector."
 It has also asked for enhanced budgetary allocations to NABARD, SIDBI and their subsidiaries so as to increase the on-lending to MFIs.
 Financial Inclusion Fund of Rs 2,000 crore is currently accessible to commercial banks, RRBs and a few other institutions. Since microfinance institutions (MFIs) reach out to such a vulnerable section of the served and unserved population, we request government to allow MFIs to avail this fund, Sa-Dhan said.
 It also asked for a special fund for the sector's self-regulatory organisation (SRO) and said allocation of fund through the RBI to SROs will help in spreading awareness and conduct workshops for the microfinance sector.
 As per data by Sa-Dhan, the credit portfolio of all such lenders stood at Rs 1,99,441 crore as on September 30, 2019. KPM HRS

Do away with GST on services by microfinance companies: Industry's Budget wish-list

<keyword id="2884150" type="PERSON" weightage="20" keywordseo="Yudhvir-Singh-Malik">Yudhvir Singh Malik</keyword>, the CEO of <keyword id="109212" type="ORGANIZATION" weightage="20" keywordseo="Food-Safety">Food Safety</keyword> and <keyword id="1713626" type="ORGANIZATION" weightage="20" keywordseo="Standard-Authority-of-India">Standard Authority of India</keyword> (<keyword id="154680" type="ORGANIZATION" weightage="20" keywordseo="FSSAI">FSSAI</keyword>), a Haryana cadre IAS officer from the 1983 batch, is the man who took over the list of hundreds of products rejected since 2012 and posted it on the FSSAI website in April this year. 
 On June 4, a team led by <keyword id="75190" type="CITY" weightage="20" keywordseo="Nestle">Nestle</keyword> CEO <keyword id="225478" type="PERSON" weightage="20" keywordseo="Paul-Bulcke">Paul Bulcke</keyword> met government officials including Malik and health secretary BP Sharma. Nestle tried hard to convince FSSAI official that Maggi was safe to consume, but FSSAI, which played a major role in this controversy, lashed out the Swiss multinational food and beverage company and imposed a ban on the product. This information was revealed in an Economic Times report. 
 The decision, however, has been challenged by the <keyword id="34523" type="CITY" weightage="20" keywordseo="fmcg">FMCG</keyword> giant Nestle in <keyword id="48485" type="ORGANIZATION" weightage="20" keywordseo="Bombay-high-court">Bombay High Court</keyword>. 
 
Yudhvir Singh Malik, considered as a tough taskmaster by his FSSAI colleagues, is the man who assumed charge in October 2014 and just after that FSSAI’s various meetings with overseas delegations have acquired the status of formal engagements. And inter-ministerial meetings have been taking place more frequently, owing to which the office of the regulator has acquired a new energy. 
 
According to Malik’s colleague, "The order issued against Nestle -which reasons out the problems, explains Nestle's grounds of defence and logically details why it is not acceptable -has his (Malik’s) stamp all over. I am sure that he has personally drafted it word by word." 
 
As mentioned in the financial daily, it was after Malik took over the list of hundreds of products rejected since 2012 was drawn up; it was posted on the FSSAI website in April. A clearer regulatory pathway for product approval is being drawn up. A recall mechanism for defective food, drafted in large parts in 2011, has been sent to the World Trade Organisation for its comments and inputs from member countries. 
 
Malik has inherited several labeling wrangles from his predecessors, mostly starting in 2013. These include disputes with imported chocolate brands such as Godiva, Guylian, Lindt and Mars besides liquor makers such as Diageo and Pernod Ricard. 
 
Last month, Malik told stakeholders that it would be unfair to draw a parallel between India's food regulatory t system and those of the US and the European Union (EU) because consumer awareness is higher in those markets. 
 
Besides this, more responsive legal systems overseas compel industry to self-regulate. He also said that Indian consumers tend to be less skeptical than those in more mature markets.

Meet Yudhvir Singh Malik, the man who led the nationwide Maggi Ban

Mumbai, Feb 6 () Following are the highlights of RBI's sixth bi-monthly monetary policy statement, 2019-20: * Policy rate kept unchanged at 5.15 pc * GDP growth for 2020-21 fiscal pegged at 6 pc * Upward bias expected in overall food prices on account of vegetables, pulses * Accommodative stance to revive growth maintained; inflation to remain elevated in short-run * Retail inflation projection revised upwards to 6.5 pc for January-March quarter * Breakout of Coronavirus may impact tourist arrivals, global trade * Rationalisation of personal income tax rates in the 2020-21 Budget to support domestic demand * Need for adjustment in interest rates on small saving schemes outlined * Pricing of loans by banks for the medium enterprises to be linked to an external benchmark effective April 1 * Time for restructuring of GST-registered MSME loans extended till December 2020, from March 2020 at present * Revised regulations for housing finance companies to be issued * RBI to periodically publish a composite 'Digital Payments Index' (DPI) from July 2020 to capture the extent of digitisation of payments * Framework for a Self-Regulatory Organisation (SRO) for digital payments to be issued * Pan India Cheque Truncation System (CTS) to be made operational by September * Extension of date of commencement of commercial operations of project loans for commercial real estate, delayed for reasons beyond the control of promoters, by one year, allowed * Crude prices likely to remain volatile * Foreign exchange reserves stood at USD 471.4 billion on February 4, 2020 * Net FDI rose to USD 24.4 billion in April-November 2019, against USD 21.2 billion a year ago * Net foreign portfolio investment (FPI) stood at USD 8.6 billion in 2010-20 (till February 4) as against net outflows of USD 14.2 billion in the year ago period * All six members of Monetary Policy Committee vote in favour of maintaining status quo on interest rate * Next meeting of the MPC scheduled during March 31, April 1 and 3, 2020. JD ANSANS

Highlights of RBI's sixth bi-monthly monetary policy statement for 2019-20

Mohali, Dec 6 () Punjab Chief Minister Amarinder Singh on Friday said new micro, small and medium enterprise (MSME) unit in the state will not be asked for certain permissions for three years under the Punjab Right to Business Act 2019.
"We have said for three years you do not need permissions. If you want to put up a plant tomorrow, put it up and get your clearances over three years. Nobody is going to ask you for anything," Amarinder said while addressing a gathering on the concluding day of the Progressive Punjab Investors Summit here.
The state cabinet on December 2 had decided to bring in the Punjab Right to Business Act 2019 and Punjab Right to Business Rules 2019 to reduce the regulatory compliance burden by waiving the requirement of certain approvals and inspections for establishment and operations for MSMEs in the state while introducing the provision of self-declaration.
Meanwhile, Punjab Bureau of Investment Promotion CEO Rajat Aggarwal said under the Punjab Right to Business Act 2019, an industrialist could set up a MSME unit first and could apply for permissions like registration under shops and establishment act, change of land use, building plan approvals and fire related no objection certificate after three years.
Punjab is home to more than two lakh registered MSME, which form its industrial backbone. It covers sectors like auto components, agriculture implements, bicycle, bicycle parts, hosiery, hand tools etc.
The Punjab government organised a two-day Progressive Punjab Investors Summit which concluded on Friday. The event saw participation from the micro, small and medium enterprises, apart from leading industrialists, new-age entrepreneurs, foreign missions and other dignitaries. CHS BAL
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New MSME units need no clearances from govt for three years: Punjab CM

New Delhi, The <keyword id="296566" type="General" weightage="100" keywordseo="it-ministry" source="Orion">IT Ministry</keyword> will send a notice to <keyword id="790242" type="General" weightage="20" keywordseo="whatsapp" source="Orion">WhatsApp</keyword> on the issue of <keyword id="2232456" type="General" weightage="20" keywordseo="spam-calls" source="Orion">spam calls</keyword> from unknown international numbers, Minister of State for IT Rajeev <keyword id="79017" type="General" weightage="80" keywordseo="chandrasekhar" source="Orion">Chandrasekhar</keyword> on Thursday said, asserting that the onus of ensuring user safety lies with the digital platforms. The digital platforms are responsible and accountable for ensuring the safety of 'digital nagriks', the minister said, adding that the government will respond to every instance of alleged misuse or alleged breach of users' privacy. The minister's comments assume significance as WhatsApp users in India have reported a massive surge in incoming international spam calls over the past few days. Many users complained on Twitter that a major chunk of these spam calls had country codes belonging to Indonesia (+62), Vietnam (+84), Malaysia (+60), Kenya (+254) and Ethiopia (+251). Chandrasekhar on Tuesday said the ministry is taking note of the matter and will send a notice to WhatsApp on the issue. "The Ministry is taking note of it, they will send them a notice," he told reporters on the sidelines of an event organised by the Public Affairs Forum of India (PAFI). He also said that the government is mulling guidelines on what should be permissions for preloaded apps. The minister made it clear that the platforms are responsible for ensuring the safety and trust of users. "I have said repeatedly that openness trust, safety and accountability are the responsibility of platforms who deliver to digital nagriks," the minister noted. If there is an issue of spam, it is certainly an issue WhatsApp should look at or any messenger platform should look at, he added. "Government will respond to every alleged misuse or alleged breach of privacy," he said. One of the problems being examined at this point is also how these numbers are accessed by scammers. "How are they able to identify which numbers are on WhatsApp...are they doing it blindly...is it some database they have got? If there is a database it is a violation of privacy, or if not are they are doing it through a bot... sending messages to random numbers... But that is certainly something platforms will be asked to look at," he said. Chandrasekhar tweeted on Wednesday that the government will investigate a claim that WhatsApp accessed the microphone of smartphone users while the phone was not in use. In a tweet, the minister had said the government will examine the alleged breach of privacy even as the new Digital Personal Data Protection Bill was being readied. This followed a claim that WhatsApp accessed a user's microphone while he was sleeping. WhatsApp responded saying it has been in touch with the Twitter engineer over the last 24 hours, who posted an issue with his Pixel phone and WhatsApp. "We believe this is a bug on Android that misattributes information in their Privacy Dashboard and have asked Google to investigate and remediate," WhatsApp said in a tweet. The company also claimed that users have full control over their mic settings. To a question on some online gaming platforms opposing any idea of the self-regulatory organisation (SRO) backed by the association IAMAI, the minister said it has already been clarified during the consultation process that no existing industry organisation can be an SRO. "SRO has to be notified by the Ministry, which means SRO has to be approved by the Ministry as meeting criteria laid down in online gaming rules. There will be SRO that will be formed...100 will apply, and three will be selected based on who is most transparent, inclusive and who represents most stakeholders and who is more credible," the minister said. On the draft digital personal data protection Bill, Chandrasekhar said he is hopeful that it will be introduced in the coming session of Parliament.

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